Global Commodities: Metals headed for even greater heights

Greg Shearer shares J.P. Morgan’s outlook for base and precious metals in 2026. We retain our structural, multi-year bullish outlook for gold, seeing prices heading to $5,000/oz by 4Q26 as the long-term trend of official reserve and investor diversification into gold has further to run.  In base metals, we are most convicted on our bullish view on copper, seeing prices rising towards $12,500/mt over 1H26 as acute supply disruptions are set to tighten a refined copper market and stress fragile ex-US inventory cover.   Speaker:   Greg Shearer, Head of Base & Precious Metals Research   This podcast was recorded on November 21, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5132329-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.